Cairo – Mubasher: Telecom Egypt denied receiving any official offers to buy part of its stake in Vodafone Egypt.
This came in a statement by the company, in response to what was published regarding the intention of the Qatari sovereign fund to negotiate the purchase of part of Telecom Egypt’s stake in Vodafone Egypt.
Telecom Egypt confirmed that if the company receives any official offers regarding its stake in Vodafone Egypt, it will examine and evaluate the offers in cooperation with its financial and legal advisors to study the company’s position regarding dealing with its stake, noting that it will immediately disclose any developments.
Telecom Egypt owns a 45% stake in Vodafone Egypt.
The Egyptian government owns 80 percent of Telecom Egypt.
There are 4 operators working in the Egyptian telecom market, Telecom Egypt, Vodafone Egypt, Orange and Etisalat Egypt, a subsidiary of the UAE’s Etisalat.
It is noteworthy that Telecom Egypt achieved a net profit of 3.78 billion pounds during the period from January to the end of last June, compared to profits of 3.87 billion pounds in the comparable period from 2021, taking into account minority rights.
The company’s revenues rose during the first six months of this year to 20.4 billion pounds, compared to revenues of 17.37 billion pounds in the comparable half of last year.
On the level of unconsolidated businesses, the profits of the independent company declined during the first half of this year to 2.59 billion pounds, compared to profits of 5.48 billion pounds in the first half of last year.
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